Question
PLEASE HELP ON QUESTIONS 1-10 I REALLY APPRECIATE THANK YOU Use the following to answer questions 1 6 Case 1 Case 2 Case 3 Case
PLEASE HELP ON QUESTIONS 1-10 I REALLY APPRECIATE THANK YOU
Use the following to answer questions 1 6
Case 1 | Case 2 | Case 3 | Case 4 | |
Beginning inventory | $15,000 | $75,000 | $46,500 | ? |
Ending inventory | ? | 39,000 | 78,000 | 65,800 |
Purchases | 365,000 | ? | 685,000 | 751,000 |
Cost of goods sold | 375,000 | 578,000 | ? | 700,000 |
1. $____________ For case 1, determine goods available for sale
2. $____________For case 1, determine ending inventory
3. $____________For case 2, determine goods available for sale
4. $____________ For case 2, determine Purchases
5. $____________For case 3, determine cost of goods sold
6. $____________ For case 4, determine beginning inventory
Use the following to answer questions 7 17
During September, KM Company sells 9,500 watches for $320.00 each. The company has the following inventory purchase transactions for September:
Date | Transaction | # of Units | Unit cost | Total Cost |
1-Sep | Beginning Inventory | 700 | $215.00 | $150,500 |
7-Sep | Purchase | 6,000 | $216.00 | 1,296,000 |
24-Sep | Purchase | 3,300 | $220.00 | 726,000 |
| 10,000 | $2,172,500 |
7. $____________What were companys sales for the period?
For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation.
8. $_____________Calculate ending inventory (FIFO)
9. $_____________Calculate cost of goods sold (FIFO)
10. $_____________ Calculate gross profit (FIFO)
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